Turtlemint Fintech Solutions Limited
SMEOpenTextiles, Apparel, and Fashion · Listed on BSE · IPO ID: IPO-7737
About the IPO
Turtlemint Fintech Solutions IPO is a book build issue of ?882.67 crores. The issue consists of a fresh issue of 4.35 crore shares aggregating to ?660.72 crores and an offer for sale of 1.46 crore shares aggregating to ?221.95 crores.
Turtlemint Fintech Solutions IPO opened for subscription on Jun 19, 2026 and will close on Jun 23, 2026. The allotment is expected to be finalized on Jun 24, 2026. The IPO is proposed to be listed on NSE and BSE with a tentative listing date of Jun 29, 2026.
The price band is fixed at ?144 to ?152 per share. The lot size is 98 shares and the minimum retail investment is ?14,896. ICICI Securities Ltd., Jefferies India Pvt. Ltd., JM Financial Ltd. and Motilal Oswal Investment Advisors Ltd. are the book running lead managers while Kfin Technologies Ltd. is the registrar of the issue.
About the Company
Turtlemint Fintech Solutions Limited
Incorporated in 2015, Turtlemint Limited is a technology-enabled insurance distribution platform connecting customers, insurance advisors and insurers through a phygital business model.
The company operates one of India largest Point-of-Sale Person (PoSP) networks and provides a comprehensive platform for insurance advisors to compare, recommend and distribute insurance products across life, health, motor and other categories.
Turtlemint has partnerships with 45 insurance companies and has facilitated distribution of more than 21.87 million insurance policies between April 2022 and December 2025. The platform has generated premium exceeding ?10,066 crore and has presence across more than 19,000 pin codes in India.
Its proprietary Turtlemint Pro platform supports customer acquisition, servicing, claims management, lead generation and advisor training. As of December 31, 2025, the company had over 6.32 lakh Digital Partners and 2,348 permanent employees.
Issue Objectives
- 01 Funding of capital expenditure for setting up a new manufacturing facility - 1.35
- 02 Repayment of a portion of certain borrowings availed by Company - 5.50
- 03 Utilization towards working capital requirements - 7.00
- 04 General corporate purposes -
- 05 New manufacturing unit - 7.80
Strengths
- The company offers a diversified portfolio of women's apparel products across ethnic, casual and fusion wear categories, including kurtis, sarees, dresses, tunics, maternity wear and unstitched dress materials.
- The company has established its presence across multiple online marketplaces such as Amazon, Flipkart, Myntra, AJIO, Nykaa and its own website, providing wider customer reach.
- The company operates integrated manufacturing facilities at Surat and Jaipur covering design, pattern making, stitching, embroidery, finishing, branding and packaging activities.
- The company has demonstrated significant improvement in profitability over recent years through expansion of manufacturing operations and improved operational efficiencies.
Risks
- A substantial portion of the company's revenue is generated through third-party online marketplaces. Any adverse changes in platform policies, commissions, search algorithms or seller regulations could negatively impact sales and margins.
- The company experiences high B2C product return rates, which may increase logistics costs, inventory management challenges and pressure on profitability.
- The company has reported negative operating cash flows during multiple financial periods despite revenue growth. Continued negative cash flows may impact working capital and liquidity.
- The company has significant customer and supplier concentration. Loss of major customers or disruption from key suppliers could adversely affect business operations and financial performance.
- The company's operations are working-capital intensive with substantial investments in inventory and receivables. Any inefficiency in managing working capital could affect cash flows and profitability.
- The apparel industry is highly competitive and subject to rapidly changing consumer preferences, fashion trends and seasonal demand patterns, which may affect future growth and margins.
IPO Details
| IPO Date | 2026-06-19 to 2026-06-23 |
| Listed on | Mon, 29 Jun 2026 |
| Face Value | ₹1 per share |
| Price Band | ₹144.00 - ₹152.00 |
| Issue Price | ₹152 per share |
| Lot Size | 98 shares |
| Issue Type | Open |
| Listing At | BSE |
IPO Issue Details
| Total Issue Size | 28,90,000 shares (agg. up to ?13.01 Cr) |
| Total Issue Size | 13.00 Cr |
| Reserved for Market Maker | 1,46,000 shares (agg. up to ?0.66 Cr) |
| Reserved for Market Maker | Fresh Issue |
| Market Maker | Rikhav Securities Ltd. |
| Fresh Issue | 27,44,000 shares (agg. up to ?12.35 Cr) |
| Net Offered to Public | 27,44,000 shares (agg. up to ?12.35 Cr) |
| Share Holding Pre Issue | 80,00,000 shares |
| Share Holding Post Issue | 1,08,90,000 shares |
| BSE Script Code | TBA |
| ISIN | TBA |
Subscription Status (Day-wise)
| Date | QIB | NII | Retail | Total |
|---|---|---|---|---|
| 26 May | 3.51x | 2.15x | 0.46x | 6.12x |
| 27 May | 3.51x | 11.04x | 7.18x | 21.73x |
| 28 May | 122.04x | 393.63x | 168.63x | 684.30x |
| 29 May | 3.40x | — | — | 3.40x |
| 03 Jun | — | NaNx | — | NaNx |
| Final | 3.40x | NaNx | 168.63x | NaNx |
Grey Market Premium History
| Date | Ipo Price (₹) | GMP (₹) | Est. Listing | Est Profit (₹) |
|---|---|---|---|---|
| 2026-05-28 | ₹152 | +₹12 | ₹ | ₹10 |
| 2026-05-27 | ₹152 | ₹-10 | ₹35.00 (-22%) | ₹-8 |
| 2026-06-01 | ₹152 | ₹-10 | ₹35.00 (-22.22%) | ₹-30000 |
| 2026-05-28 | ₹152 | +₹25 | ₹70.00 (55.56%) | ₹50000 |
| 2026-05-27 | ₹152 | +₹22 | ₹67.00 (48.89%) | ₹44000 |
| 2026-05-26 | ₹152 | +₹20 | ₹65.00 (44.44%) | ₹40000 |
| 2026-05-25 | ₹152 | +₹18 | ₹63.00 (40.00%) | ₹36000 |
| 2026-05-24 | ₹152 | +₹15 | ₹60.00 (33.33%) | ₹30000 |
Company Financials (Restated Consolidated)
| Period Ended | 31 MAR 2023 | 31 MAR 2024 | 31 MAR 2025 | 31 DEC 2025 |
|---|---|---|---|---|
| EBITDA | 1.03 | 3.79 | 7.48 | 7.11 |
| Net Worth | 1.95 | 4.24 | 9.31 | 14.42 |
| Profit After Tax | 0.37 | 2.29 | 5.06 | 5.14 |
| Reserves and Surplus | 1.73 | 4.02 | 9.09 | 6.94 |
| Total Assets | 11.71 | 15.74 | 25.35 | 35.80 |
| Total Borrowings | 6.19 | 7.01 | 8.84 | 13.96 |
| Total Income | 28.02 | 23.60 | 31.27 | 31.22 |
Key Performance Indicator (KPI)
| KPI | 31 Dec 2025 |
|---|---|
| Debt/Equity | 0.95% |
| EBITDA Margin | 24.38% |
| PAT Margin | 16.50% |
| Price to Book Value | 5.06% |
| ROCE | 3.10% |
| ROCE | 10.80% |
| ROCE | 40.00% |
| ROE | 5.20% |
| ROE | 12.50% |
| ROE | 74.74% |
| RoNW | 54.41% |
Pre / Post IPO Metrics
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (?) | ₹4.62 | ₹3.39 |
| EPS (?) | ₹5.2 | ₹5.8 |
| Market Cap | ₹47.32 | — |
| P/E (x) | ₹11.90 | ₹16.22 |
| P/E (x) | ₹75 | ₹95 |
| Promoter Holding | ₹99.87 | ₹73.41 |
IPO Anchor Investors
Rajnandini Fashion India IPO raises ?5.15 crore from anchor investors. Rajnandini Fashion India IPO Anchor bid date was May 23, 2026. The company allocated 8,18,000 equity shares to anchor investors before the IPO opening.
Anchor Investors Letter (PDF)| Investor | Shares | Allocation |
|---|---|---|
| Finavenue Growth Fund | 318000 | ₹38.88 Cr |
| Vikasa India EIF I Fund - Incube Global Opportunities | 180000 | ₹22 Cr |
| Rajasthan Global Securities Private Limited | 160000 | ₹19.56 Cr |
| Sunrise Investment Opportunities Fund | 160000 | ₹19.56 Cr |
Investor Category Reservations
| Application Category | Bidding Limits |
|---|---|
| Only bNII | 10+ Lots |
| Only bNII | 14 lots and above |
| Only Individual investor (retail) | 1 lot |
| Only sNII | 2 lots - 13 lots |
* Bidding at cut-off price is not allowed for any category
IPO Timeline
Issue Reservation
Rajnandini Fashion India IPO comprises a total issue size of 28,90,000 shares. The net offer to the public is 27,44,000 shares, after excluding 1,46,000 shares allotted to the Market Maker. Of the net offer, 13,66,000 shares are allocated to QIBs, 4,14,000 shares to NIIs, and 9,64,000 shares to Retail Individual Investors.
| Investor Category | Shares Offered | % of Net Issue |
|---|---|---|
| QIB Shares Offered | 13,66,000 | 49.78% |
| Anchor Investor Shares Offered | 8,18,000 | — |
| QIB (Ex. Anchor) Shares Offered | 5,48,000 | — |
| NII (HNI) Shares Offered | 4,14,000 | 15.09% |
| bNII > ₹10L | 2,76,000 | — |
| sNII < ₹10L | 1,38,000 | — |
| Retail Shares Offered | 9,64,000 | 35.13% |
| Market Maker Shares Offered | 1,46,000 | — |
| Total Shares Offered | 28,90,000 | 100.00% |
IPO Lot Size
Investors can bid for a minimum of 3,000 shares and in multiples of 3,000 shares thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | 3,000 | ₹1,35,000 |
| Individual investors (Retail) (Max) | 1 | 3,000 | ₹1,35,000 |
| S-HNI (Min) | 2 | 6,000 | ₹2,70,000 |
| S-HNI (Max) | 7 | 21,000 | ₹9,45,000 |
| B-HNI (Min) | 8 | 24,000 | ₹10,80,000 |